An Ireland South MEP has condemned Irish banks for not passing on interest rate cuts to their customers.
Member of the European Parliament (MEP) Billy Kelleher was commenting after the European Central Bank (ECB) reduced its interest rate to 2%.
He claims Irish banks are doing very well right now, and reporting significant profits.
MEP Kelleher says banks would help the entire economy if they offered lower fixed-term interest rates to mortgage holders, adding it’s almost impossible to get a fixed-term rate less than 3%.
He warned mortgage impairments are already creeping up because of unnecessarily high interest rates.
The Fianna Fáil MEP encouraged mortgage holders to shop around, reminding them the Central Bank has introduced rules to make switching easier.
